SOCAR continues research in offshore area

Oil&Gas Materials 30 December 2011 16:59 (UTC +04:00)

Azerbaijan, Baku, Dec.30 / Trend E.Ismayilov/

State Oil Company of Azerbaijan (SOCAR) continues conducting three-dimensional geophysical survey within the joint project with Bahar Energy Limited in an area between Bahar-2 perspective structure and Gum Deniz offshore field in Azerbaijan sector of the Caspian, a source in SOCAR told Trend on Friday. Earlier the work has been suspended because of bad weather conditions.

Earlier SOCAR conducted the two-dimensional survey in this area. The contract between the two sides was signed to conduct 3D seismic survey. The work is carried out by SOCAR department of geology and geophysics.

The source said that the offshore operations within the project are carried out depending on the weather.

Depending on the weather, the work may continue during 5-6 months. However, if weather allows it will be possible to end the work much earlier, the source said.

Earlier SOCAR signed the PSA contract with Bahar Energy Limited company on rehabilitation, development and extraction in this area which includes Bahar and Gum Deniz offshore fields.

The second part of the contract signed between SOCAR and Bahar Energy envisages the exploration operations in Bahar-2 structure. During 3 years it is planned to drill one more exploratory well and if necessary another well may be drilled in the fourth year. According to the initial calculation, Bahar Energy Limited company will invest $1 billion to implement the work.